Now you will be able to stop automatic payment for subscription of foreign apps like Netflix and YouTube at any time. The Reserve Bank of India (RBI) has changed the rules for automatic payments to foreign companies. Now if you set up an e-mandate (e-mandate) for any foreign service from your card or UPI, then you will get a notification 24 hours before the payment. For this, banks will have to do verification through Additional Factor Authentication (AFA) i.e. OTP. Its purpose is to protect users from digital fraud and give them more control over their transactions. With this, international apps will not be able to charge subscription charges as per their wish. Transaction Limit: Payment up to ₹ 15,000 without additional authentication RBI has also set a limit for e-mandate transactions. Customers will be able to decide whether a certain amount is deducted every time or can set a maximum limit. If you choose variable limit, the bank will ask the user for the maximum value. Apart from this, for any change in the e-mandate or its withdrawal, it will be mandatory for the bank to get the user re-verified. RBI’s e-mandate rules will be applicable on these payments. In all these payments, additional verification will be required on transactions of more than ₹ 15,000. When the card expires or is re-issued, the old mandate will be automatically transferred to the new card. Full refund will be given on reporting of wrong transaction within 3 days. RBI rules determining accountability of customers in case of wrong transaction will also be applicable on e-mandate. No extra charge, e-mandate facility will be available for free. RBI has made it clear that banks cannot charge any fee from customers for providing e-mandate facility for recurring transactions. Also, if your card is reissued after expiry, the old e-mandate will be mapped to the new card. ————- Also read this news… ₹ 900 extra is being spent on 12 orders from food-app: Platform fees of Zomato, Swiggy have increased 9 times in 3 years, here the prices are also up to 15% higher. Ordering food through online ordering, watching OTT, grocery within 10 minutes – these facilities have now become more expensive than before. Thousands of rupees are being spent every month together with platform fees, delivery charges and hidden expenses. If you order from a food delivery app even 12 times a month, you are unknowingly spending around Rs 900 extra. This includes platform fee of Rs 180 and delivery charge of Rs 720. This amount is increasing every year. Read the full news…
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